A bank overdraft allows businesses to withdraw more money from their account than they have available, up to a pre-approved limit. It provides a safety net for short-term cash flow fluctuations.
Purpose: Provides a buffer for short-term cash flow shortages.
Features:
Pre-approved credit limit: Allows businesses to overdraw their account up to a certain amount. Interest charged on the overdrawn amount: Only pay interest on the funds used. May require regular review: Banks may periodically assess the overdraft facility. Fees and charges: May include processing fees, annual fees, or charges for exceeding the overdraft limit.
Ensure business continuity with an overdraft facility that provides a safety net for unexpected expenses. Contact myloanapply now.
